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• W299761036 abstract "Russel E. Palmer Professor of Finance, Wharton School of Business YER: I would like to ask you some questions regarding recent developments in the Fed's monetary policy - specifically, the latest round of quantitative easing (QE2). Do you expect QE2 to be effective? Do you think it will stimulate the economy with greater success than did QEl? SIEGEL: I am very supportive of QE2. I think that [Fed Chairman Ben] Bernanke's policy is exactly right at this time. I think QEl was enormously successful at stabilizing the economy from what would have been a far worse financial collapse. It was hoped that QEl would be enough to bring about a rapid recovery, but, as it has not, it is certainly not inappropriate for the Fed to launch another round of monetary easing. This is not unlike hoping that reducing the interest rate from 5% to 4% would be enough [to encourage growth]. When you find it isn't, you have to go even lower. Now that we are down to the lower bound on interest rates, the instrument has to be increasing the amount of reserves, and I think that that is very appropriate at this time. YER: Are concerns regarding the public's readiness to accept expanded funds and support increased lending activity legitimate? Might the trillions of dollars of excess reserves produced by QEl be a consequence of banks' unwillingness to lend given current economic conditions? SIEGEL: One has to realize those are the reserves that banks want to hold at this time. Because of bad loans, regulatory constraints, and investor demands, banks want to show tremendous liquidity on their balance sheets. But that doesn't mean that they want an unlimited amount of reserves. If the Fed issues more excess reserves, banks will be much more likely to loan them out. And that is one of the purposes [of QE2] - to make it easier for individuals and businesses to get loans. Big, trip Ie -A rated corporations can get them, but it's still difficult for many small businesses to obtain loans. QE2 is designed to give the banks an incentive to lend some, if not most, of their extra reserves. YER: Even if banks are ready to begin to lend out their reserves, will firms be ready to absorb those loans and increase their business activities? Will they be confident in consumers' willingness to consume? Or will firms have concerns regarding the ability of the economy to support new business activity? SIEGEL: The recovery from the economic crisis - the deepest recession since the 1930s - doesn't come overnight. There is always the fear that there will be another collapse or another debt crisis. But the longer we spend without such a crisis and observe progress - albeit slow, but progress - the more the fear of a significant backwards step will be lessened. I think that a stronger holiday season will spark confidence on the part of firms and individuals to be less risk averse than they have been over the past 18 months. YER: Many economists argue that the expansion that preceded the recession was the product of widely available easy credit at very low interest rates. Do you think that the Fed may be laying the foundations for another bubble as it continues to issue easy credit? SIEGEL: I am not one of those who blames [former Fed Chairman Alan] Greenspan for causing the housing bubble. I do blame Greenspan for not picking up on the dangers of credit creation in the housing market. But the housing bubble was caused by many different factors. A very important factor was the creation of subprime mortgage -backed securities that were wrongly and shockingly rated trip Ie-A by the major rating agencies, which had no real concept of how to rate real e s tate -related securities. That was a far more important contributor to the rise in prices and subsequent collapse than Greenspan keeping interest rates too low. There was easy credit in housing - there is no question. The Fed didn't cause it, but the Fed didn't stand against it or warn about it. …" @default.
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• W299761036 date "2011-01-01" @default.
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• W299761036 title "Interview with Professor Jeremy Siegel" @default.
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